Bitcoin Price Profitable Holding Time

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Last Week In Bitcoin is a series discussing the events of the previous week that occurred in the Bitcoin industry, covering all the important news and analysis.

Summary

As more and more institutional investors jump aboard and more countries signal their intent to pursue bitcoin as an alternate investment to the US dollar or even their own currencies, bitcoin should be over the moon. Instead “jelly hands” continue to sell while the whales and sharks continue to accumulate. This week I decided to look at the profitability of owning bitcoin over the last twelve years.

Highlights from the Week

Chart Of The Week

The chart above is relatively simple. It compares the daily price of bitcoin since the genesis block was mined on January 3, 2009 until today, taking into account an average price of $34,000 per bitcoin. Essentially, the price per bitcoin was below $34,000 for 4,393 days out of the 4,573 days since the first bitcoin was mined. That means there have only been 180 days, or 3.9% of Bitcoin’s total existence, when it has been priced higher. Only people who bought during one of those 180 days are running at a loss.



Source link Bitcoin Magazine

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